Seafield Resources Executes $16.5M Debt Facility With RMB Resources Inc.

TORONTO, ONTARIO -- (Marketwire) -- 02/21/13 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce that it has executed an agreement with RMB Australia Holdings Limited ("RMB") for a CAD $16.5 million loan facility ("Facility"), arranged by RMB Resources Inc., the resource financing division of the FirstRand Group of South Africa. The use of proceeds is to fully fund the bankable feasibility study ("BFS") for the Company's Miraflores Deposit and general corporate purposes.

In November 2012, the Company commenced its current ongoing exploration program on the Miraflores advanced-stage gold deposit, which is part of the Company's Quinchia Gold Project, located in the Risaralda Department of Colombia. The Facility provides the incremental financing the Company requires to complete the Miraflores BFS by the end of Q4 2013.

Facility Terms:

--  Debt term of 3 years at LIBOR plus 7.0% per annum;
--  Warrants issued to RMB to purchase up to 33,000,000 common shares of the
    Company for 36 months at C$0.10 per common share, subject to TSX Venture
    Exchange approval;
--  Security interests granted to the lender, which include a first ranking
    charge over the Quinchia Gold Project and a pledge of the securities and
    assets of Seafield Resources Ltd. and Minera Seafield S.A.S;
--  Pre-payment at any time without penalty or from proceeds of project
    financing post BFS;

Milestones to Completion of BFS

--  The Company made the final option payment on the Miraflores mining claim
    on November 30, 2012 and acquired 100% interest in the Miraflores Gold
    Deposit;
--  The Company is nearing completion of a 6,800 metre infill diamond
    drilling program at Miraflores, and results are being reported as they
    are received;
--  The Company will announce an updated PEA in Q2 2013 based on the
    additional 6,800-metre drill program plus the 5,000-metres of drilling
    completed in July 2012;
--  Completion of the Feasibility Study and the filing of the Environmental
    Impact Assessment ("EIA") are scheduled for completion by the end of Q4
    2013.

"We are pleased to have RMB as a lender and an investor in Seafield as they are a sophisticated financial institution who realize the intrinsic value of the Miraflores project," stated AJ Ali, the Company's chairman of the board. "We look forward to their contribution in the project financing phase as well later this year."

About RMB Resources:

RMB Resources is the resource financing division of the FirstRand Group of South Africa, one of the largest financial services companies listed on the Johannesburg Stock Exchange (FSR: SJ). For over 17 years RMB Resources has specialized in providing Equity and Debt-Financing solutions for Small to Mid-Tier resource companies globally. RMB Resources provides debt funding through conventional project financing, commodity pre-paid forward financing as well as senior, subordinated, standby and bridge financing. RMB Resources operates from its offices in Sydney, Melbourne, London, Johannesburg, Denver and New York.

About Seafield:

Seafield Resources Ltd. (TSX VENTURE: SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchia Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc's (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M (see corporate PEA presentation at http://bit.ly/MFeL7q). Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,925,542 ounces gold at 0.8 g/t Au (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). Seafield Resources Ltd. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit www.sffresources.com.

Forward-Looking Statement

This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward-looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Seafield Resources Ltd.

David MacMillan

Investor Relations

(416) 361-3434 ext. 202
dmacmillan@sffresources.com
www.sffresources.com